Greystone of Lincoln

Job-related tax credits to be paid out over 10 years; Greystone has pledged to keep jobs here at least 12 years.

Cost to build: Estimated to be $3 million to $3.5 million. But credits aren’t tied to these building costs, so the company didn’t need to report them to Commerce, as companies seeking Rebuild tax credits have to do.

Project details: New construction at company’s Lincoln location to accommodate growth, including 25 new jobs. The high-volume manufacturer produces precision-turned components for the automotive industry. As the company contemplated expansion, it considered both Rhode Island locations and Virginia, where Greystone estimated it could save about $740,000 over Rhode Island expansion costs.

Commerce incentives:

Qualified Jobs tax credits: $459,720

Type of jobs that qualify: Manufacturing

Number of jobs company now has: Parent company, Greystone Inc., employs about 226 people in Lincoln, about 80 in North Providence and about 120 in the state of Virginia.

Number of jobs company says it will create: 25 new full-time employees in Rhode Island

Wages of qualifying jobs: Median annual salary of $52,000

Competition among states for this company? Greystone General Manager David Buehler said the incentives were a strong factor in tipping the scales toward a Rhode Island expansion. Expanding in Virginia was “certainly a strong option being considered,” he said in an interview the night the Commerce board approved the company’s incentives. That’s because the company had room in its facility down there for expansion and had the necessary power, compressed air and other infrastructure. With Commerce approval, he said Virginia was no longer in consideration.

“I don’t know how this all would have played out without the incentive program, but what I can tell you is certainly it was a strong factor to say, ‘Let’s go with this. It sounds like a sound decision,’” Buehler said of expanding in Rhode Island.